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Research Report

20/10/2020 17:16

{I-bank focus}Morgan slashes CITIC Bank (00998) to HK$4.5

[ET Net News Agency, 20 October 2020] Morgan Stanley cut its target price for CITIC
Bank (00998) to HK$4.5 from HK$5.5 and maintained its "overweight" rating.
The research house believes the key concern on China banks has shifted from macro/NPL
risks to uncertainties from policy window guidance, which has reduced the chance of
excessive ROE at state-owned China banks when GDP growth and credit demand finally slows
in the future.
Morgan said CITIC is trading at an attractive valuation at 0.3x 2021 P/B, with a 45%
potential upside. It has a strong corporate banking franchise among mid-size banks but
with a modestly higher risk profile. Its lower-than-peer interbank assets as a percentage
of total assets make the bank thus less impact on asset yield from lower interbank rates.

Remark: Real time quote last updated: 15/01/2021 17:59
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